1999 Minnesota Statutes

     60K.06 Fees. 

    Subdivision 1.    Renewal fees.  (a) Each agent licensed 
 pursuant to section 60K.03 shall pay in accordance with the 
 procedure adopted by the commissioner a renewal fee as 
 prescribed by subdivision 2.  

    (b) Every agent, corporation, limited liability company, 
 and partnership renewal license is valid for a period of 24 
 months.  The commissioner may stagger the implementation of the 
 24-month licensing program so that approximately one-half of the 
 licenses will expire on October 31 of each even-numbered year 
 and the other half on October 31 of each odd-numbered year. 
 Those licensees who will receive a 12-month license on November 
 1, 1994, because of the staggered implementation schedule, will 
 pay for the license a fee reduced by an amount equal to one-half 
 the fee for renewal of the license. 

    (c) Persons whose applications have been properly and 
 timely filed who have not received notice of denial of renewal 
 are approved for renewal and may continue to transact business 
 whether or not the renewed license has been received on or 
 before November 1.  Applications for renewal of a license are 
 timely filed if received by the commissioner on or before 
 October 15 of the year due, on forms duly executed and 
 accompanied by appropriate fees.  An application mailed is 
 considered timely filed if addressed to the commissioner, with 
 proper postage, and postmarked by October 15.  

    Subd. 2.    Licensing fees.  (a) In addition to the fees 
 and charges provided for examinations, each agent licensed 
 pursuant to section 60K.03 shall pay to the commissioner: 

    (1) a fee of $80 per license for an initial license issued 
 to an individual agent, and a fee of $80 for each renewal; 

    (2) a fee of $200 for an initial license issued to a 
 partnership, limited liability company, or corporation, and a 
 fee of $150 for each renewal; 

    (3) a fee of $75 for an initial amendment (variable 
 annuity) to a license, and a fee of $50 for each renewal; and 

    (4) a fee of $500 for an initial surplus lines agent's 
 license, and a fee of $500 for each renewal. 

    (b) Persons whose applications have been properly and 
 timely filed who have not received notice of denial of renewal 
 are approved for renewal and may continue to transact business 
 whether or not the renewed license has been received on or 
 before November 1 of the renewal year.  Applications for renewal 
 of a license are timely filed if received by the commissioner on 
 or before the 15th day preceding the license renewal date of the 
 applicant on forms duly executed and accompanied by appropriate 
 fees.  An application mailed is considered timely filed if 
 addressed to the commissioner, with proper postage, and 
 postmarked on or before the 15th day preceding the licensing 
 renewal date of the applicant. 

    (c) Initial licenses issued under this section must be 
 valid for a period not to exceed two years.  The commissioner 
 shall assign an expiration date to each initial license so that 
 approximately one-half of all licenses expire each year.  Each 
 initial license must expire on October 31 of the expiration year 
 assigned by the commissioner. 

    (d) All fees shall be retained by the commissioner and are 
 nonreturnable, except that an overpayment of any fee must be 
 refunded upon proper application. 

    Subd. 3.    Initial license expiration; fee reduction.  
 If an initial license issued under subdivision 2, paragraph (a), 
 expires less than 12 months after issuance, the license fee must 
 be reduced by an amount equal to one-half the fee for a renewal 
 of the license. 

    HIST: 1992 c 564 art 3 s 8; 1994 c 632 art 4 s 30; 1997 c 200 
 art 1 s 43; 1999 c 223 art 2 s 7